The Central Bank of Oman has approved the request from Bank Muscat to open a representative office in Iran. The approval makes Bank Muscat one of the first foreign financial firms to establish a presence in Iran since the international sanctions were removed in January. Oman is keen to strengthen ties in order to obtain natural gas supplies for industry and diversify its economy beyond oil. In late January, an Omani sovereign wealth fund signed an understanding with Iran’s biggest automaker, Iran Khodro Industrial Group, to study a proposal for a $200 million auto plant in Oman.
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